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24 September 2014
Hyundai Merchant Marine has raised 117 billion won (US$112.5 million) by selling new shares.
On 24th HMM floated 6.19 million convertible preferred shares to Market Vantage Ltd., a Hong Kong-based investment firm, for 60 billion won. This move is in accordance with a memorandum of understanding signed in June.
HMM initially issued 6.81 million shares at 8,370 won per share which worth KRW 57 billion on June 16.
"The arrival of fresh funds is noteworthy because it does not involve asset sales and the money will come in the form of investment that can reduce debt levels and improve overall financial health," remarked an HMM official, adding that such developments can lay the foundation for a return to profit.
Image by Hyundai Merchant Marine Co. Ltd
Hyundai Merchant Marine Co. Ltd, press release